Bitcoin (BTC) price action may be lacking momentum this month, but one popular analyst is still eyeing new all-time highs.
In his latest analysis, TechDev confirmed that he believes that BTC/USD will see a “parabolic top” around the 2024 block subsidy emergence.
Can Bitcoin p gain 500% in a year?
In less than twelve months, the next rise of Bitcoin is already the subject of debate among market participants.
Some argue that the activity will lay the foundations for the next long period, following previous cycles of emergence.
For TechDev, however, the new BTC price record should come later – preferably, in Q2 next year.
The idea was originally covered in a Market Update blog post earlier in May. This week, meanwhile, it was described as his “primary time-based idea.”
A chart uploaded on Twitter shows the path to the Q2 top with resistance lines – Fibonacci retracement levels and the current all-time high from 2021.
Finally, BTC/USD should be above $160,000, it is predicted.
TechDev further updated a log scale BTC price prediction which he however acknowledged is unlikely to come true.
“Not a forecast. Not a prediction. Not even my main idea,” a first update from August 2022 stated.
Formed using a simple log curve, the idea puts BTC/USD at the same price level, but earlier – at the end of 2023.
Update: #Bitcoin in adjusted log time
Time = log(week)^3.44
The next stage meets the curve of 160-180K December 2023.
Observation based on the sample of 2. pic.twitter.com/GH3zjEsdti
— TechDev (@TechDev_52) May 23, 2023
Short-term bullishness should be absent
How Bitcoin will behave in the rest of 2023 in the run up to the halving continues to divide opinion.
Related: Bitcoin Halving: How it works and Why it matters
As reported by Cointelegraph, some market participants expect a deeper price correction, with veteran analyst Philip Swift not discounting the chance of a return to $20,000 in the coming weeks. month.
After weeks of cooling off, some voices are betting on the kind of upside seen in Q1 to return in the short term.
In the ongoing research, the famous trader and analyst Rekt Capital reiterated that Bitcoin failed to hold the support levels necessary for upward continuation.
“BTC continues to reject from ~ $ 27600. Weeks ago, this level was decisively lost as support. And in the past 2 weeks – it was a strong resistance,” he Tweet on May 24.
“$BTC is technically set up for the downside. If BTC doesn’t regain $27600 as support soon, BTC will go lower in time.”
The accompanying chart shows the BTC/USD behavior on a weekly timeframe.
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This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.